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Private sector lender Bandhan buys Gruh in share-swap deal
Mumbai, Jan. 11 -- Private sector lender Bandhan Bank Ltd on Monday, 7 January, announced the acquisition of Gruh Finance Ltd through a share swap scheme, creating a lender that would have a market value of around '83,000 crore. In a filing made to stock exchanges after boards of both lenders met, Bandhan Bank said the share exchange ratio will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance, which is controlled by Housing Development Finance Corp. Ltd. This essentially means the swap ratio is close to 0.6 or 3:5 between Bandhan Bank and Gruh Finance. The merger will be effective 1 January 2019. Mint had reported in Monday's edition that both lenders were in advanced merger talks to lower Bandhan Bank's promoter holding...
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